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Changes to STP reporting from 1 July 2021
Employers should now be reporting through Single Touch Payroll (STP), unless they only have closely held payees or are covered by a deferral or exemption.
Changes to STP reporting for small employers with closely held payees and to quarterly reporting for micro employers applied from 1 July 2021. This may affect how you report to the Tax Office.
More information here.
TAX NEWS
Phone: 0432 593 875
Email: admin@victoryaccounts.com.au
ATO Webinars to help your decision making
ATO is running the free webinars to help you run your home-based business.
More information here.
If a client asks for payroll help, there are 3 essential requirements
With the steady roll out and adoption of single touch payroll (STP) continuing, and smaller and micro employers steadily running out of options going forward, there may be clients who approach their tax or BAS agent and ask for help in the form of the provision of a payroll service (which includes payroll-related functions, such as interpreting related legislation or helping calculate PAYG or SG liabilities). The ATO is reminding practitioners that there are three essential requirements to be able to offer these services to clients.
Finding it hard to lodge and pay?
Missing a due date can be stressful. If you've simply forgotten a due date or if you need more support, the Tax Office has options available to help you.
The 'Support to lodge and pay' web page provides you with a simple point of access to the support available depending on your situation. It helps you with:
understanding and managing your obligations
what to do if you can't lodge or pay on time
how to find tax support in challenging times.
Fund validation service user guide update Guidance has been provided by the ATO on its fund validation service (FVS), which is a suite of services that support implementation of SuperStream, the Federal Government’s system to provide a consistent, reliable electronic method of transacting linked superannuation data and payments. It supports funds to meet regulatory obligations to provide rollover and contribution information on a shared register.
Super Guarantee rate rising 1 July 2021
On 1 July 2021, the super guarantee rate will rise from 9.5% to 10%.
If you have employees, you will need to ensure your payroll and accounting systems are updated to incorporate the increase to the super rate.
More information here.